Board of Governors of the Federal Reserve System

Roger W. Ferguson, Jr., submitted his resignation Wednesday as Vice Chairman and as a member of the Board of Governors of the Federal Reserve System, effective April 28, 2006.

Ferguson, who has been a member of the Board since November 5, 1997, submitted his letter of resignation to President Bush. He will not attend the March 27-28 meeting of the Federal Open Market Committee.

"Roger has made invaluable contributions to the Federal Reserve and to the country," said Federal Reserve Board Chairman Ben S. Bernanke. "He led the Fed's first response to the 9/11 terrorist attacks, was a strong advocate for increased transparency of monetary policy, and ably represented the Federal Reserve in important international fora. I value his friendship and counsel greatly and wish him all the best in his new endeavors."

Ferguson, 54, was first appointed to the Board by President Clinton to fill an unexpired term ending January 31, 2000. He was then appointed by President Bush to a full term that expires on January 31, 2014.

During his time as Vice Chairman, Ferguson represented the Federal Reserve in many international policy groups. He served as Chairman of the Joint Year 2000 Council, Chairman of the Group of Ten Working Party on Financial Sector Consolidation, Chairman of the Financial Stability Forum, and Chairman of the Committee on the Global Financial System. In addition, Ferguson chaired working groups within the FOMC to enhance its communications and led the Federal Reserve team in negotiating the Basel II capital accord.

Before joining the Board, Ferguson was a Partner at McKinsey & Company, Inc., an international management consulting firm. Prior to that, he was an attorney at the New York City office of Davis Polk & Wardwell.

A copy of his resignation letter is attached.